Aena SME SA

AENA: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Aena Earnings: Higher Operating Expenses Weigh on Group Margins; 2026 Traffic Guidance Maintained

Jack Fletcher-Price

Apr 29, 2026

Aena reported mixed first-quarter 2026 results. Group revenue came in ahead of company-compiled consensus, but this was driven by higher IFRIC 12 construction revenue, which is EBITDA neutral. Group EBITDA was 3.1% behind consensus as operating expenses grew ahead of expectations.

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Aena SME SA

Aena Earnings: Higher Operating Expenses Weigh on Group Margins; 2026 Traffic Guidance Maintained

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